DDDA balance sheet €71m in the red

The Dublin Docklands Development Authority has today confirmed a €71m shortfall for last year.

The DDDA says at the end of 2009 its liabilities exceeded assets by this amount compared to €48.5m a year earlier.

The accounts reflect the disastrous investment in the 'glass bottle' site in Ringsend in Dublin, with another writedown on the investment last year.

DDDA chairman, Professor Niamh Brennan says it is with regret that the authority is not yet at a break-even point and that the work of the authority is still overshadowed by the legacy of past decisions.

"Clearly, these decisions have had an enormous detrimental impact on our operations and on our financial position in particular," said Brennan.

"It is hugely regrettable that the many excellent achievements of the Authority have been undermined as a result of well publicised controversies.

"My colleagues and I on the executive board are committed to doing all in our power to regain trust in the Authority which was so seriously undermined in recent years.

"Our guiding mission remains to complete the Docklands project for the community of the area and for taxpayers generally and we are determined to successfully finish out this project.

"Our first priority must be to live within our means on a day-to-day operating basis and we are determined to achieve this as quickly as possible."

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